MH370 was travelling from Kuala Lumpur to Beijing when it lost touch with air traffic control an hour after take-off. The wreckage has never been found in spite of a massive international search.

The airline's commercial director, told The Sunday Telegraph: 'Our majority shareholder, the Malaysian government, has already started a process of assessing the future shape of our business and that process will now be speeded up as a result of MH17.

'There are several options on the table but all involve creating an airline fit for purpose in what is a new era for us, and other airlines.'

Mr Dunleavy also issued a call for action to ensure what happened to MH17, which appears to have been hit by a missile in airspace approved by the International Civil Aviation Organisation, does not happen again.

'This tragedy has taught us that despite following the guidelines and advice set out by the governing bodies, the skies above certain territories are simply not safe. MH17 has shown us that airlines can no longer rely on existing industry bodies for this information.'

Mr Dunleavy called for the industry to form 'one body to be the arbiter of where we can fly'.